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David Fry
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David Fry writes a subscription newsletter focused on technical analysis of exchange-traded funds, called ETF Digest (www.etfdigest.com). Dave founded the ETF Digest in 2001 and was among the very first to see the need for a publication that provided individual investors with information and... More
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  • RAINY DAYS & MONDAYS FOR MARKETS AGAIN 0 comments
    Oct 31, 2011 7:54 PM | about stocks: IWM, QQQ, AA, XLB, MFGLQ, XLF, XLI, XLY, XLK, XLV, IYR, IYT, IEF, TLT, UUP, FXE, FXY, GLD, GDX, SLV, JJC, DJP, USO, UGA, XLE, JJG, EFA, EEM, EWJ, EWA, EWG, EWP, EWI, EWT, EWY, EWZ, RSX, EPI, FXI

     
     

    We've posted this image a few times over the past few months with many poor Monday's without some serious follow-through. It may be different this time or not. Is it some profit-taking? There is some of that with markets overbought from the previous week. But now we're back (again) evaluating the creditability of the eurozone "fix". This gives bulls the willies and makes people lose faith in the BS from these leaders.

    Stocks reversed course sharply on this last trading day of October making mincemeat of previous euphoric headline spinning one of the greatest months in history. Sectors leading the way lower were materials (NYSEARCA:XLB) with Alcoa ((NYSE:AA) down sharply. MF Global (MF) filed for bankruptcy hurting the financial sector (NYSEARCA:XLF). Former GS CEO and New Jersey Governor Jon Corzine was the head of MF Global receiving a $14M 2010 salary. It's said he gambled foolishly on euro debt. But, he'll walk away with only some paperwork and worthless options to deal with.
     

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    Stocks: IWM, QQQ, AA, XLB, MFGLQ, XLF, XLI, XLY, XLK, XLV, IYR, IYT, IEF, TLT, UUP, FXE, FXY, GLD, GDX, SLV, JJC, DJP, USO, UGA, XLE, JJG, EFA, EEM, EWJ, EWA, EWG, EWP, EWI, EWT, EWY, EWZ, RSX, EPI, FXI
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